Hearing more layoffs for FY21. Hope this is the end. Laying people off and yet they can’t hire fast enough. Not sure what’s going on
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Heard they need to cut $20+ Million in salary for FY22 in GETS and GPT...get ready for the quarterly "you've been here too long and make too much $, so we need to lay you off" cuts!
FY21 is complete. Did you mean FY22?
Heard they need to cut $20+ Million in salary for FY21 in GETS and GPT...get ready for the quarterly "you've been here too long and make too much $, so we need to lay you off" cuts!
Once you choose either the monthly payment or lump sum payment you can't change your mind. To initiate payment you need to log on to the Mercer web site and select your payment type. If you choose the lump sum as I did they will send you a check for the full amount. You can then roll that into an IRA. I can't speak to the monthly payment option since I didn't choose that.
Can you change your mind about taking a lumpsum?
How do you go about doing that?
Has anyone transferred their pension to another provider after leaving the company?
Yes, ADP's pension plan was cheap even in the "good old days". I worked for ADP for almost 30 years, retired in 2016, and my monthly pension payout would have been $611. I took the pension lump sum instead since I am not confident that ADP will survive long term.
I have to agree with the previous OP about putting the pension plan in perspective. Since most companies did away with pensions years ago most people I know have no pensions. So when you mention you have one everyone says you're lucky since companies don't do that anymore. Outside of the VERP ADP''s pension plan is not that great and pays very little compared to others and offers no medical benefits. But it is something and that's better than nothing is another way to look at it.
Lets put the pension conversation in perspective!
I was there 20 years and my "pension" doesn't even equal to 5% of my salary (no health benefits nothing else just a flat monthly amount or a lump sum amount). Yes, it is something but not what everyone assumes when they hear the word pension.
ADP is a benefits company, as such they are FULLY aware of when, whom, how many people to cut to stay under the radar. The ultimate goal is to save $
Will they continue to add to the pension plan if I identify as a person living in 2002?
Should I be worried if I have the pension plan?
You can take the lump sum at 55 or over. Like a previous post, I don’t understand why folks are still going on about the pension plan. They stopped investing in that last year. Just note that even though you might be fully vested in the 401k fir the company match, you are not fully vested for the year until the end of the year. Plan accordingly if you are retiring or leaving. It might mean thousands that you lose.
Maybe those old enough to collect. The rest of us were not given an offer to collect early.
Purely speculation on my part but I’d imagine the vast majority of people take the lump sum.
I'm not understanding why people keep mentioning the pension plan. ADP ended contributions to the plan last year for everybody. ADP will have to pay to have someone maintain the plan regardless if an employee in the plan leaves or stays. Maybe I'm missing something. If so please share.
North of 85K I’d say, if you’re tenured with one or two of the pension programs, albeit the first being peanuts.
North of 100K
What is the pay range for these long term employees who are considered "highly paid" and with the pension plans?
Bingo! The pension plan is a huge thorn. Anyone who was part of this and is past the salary threshold and years of service is a target. There were numbers up to 20000 on one of these threads. This seems like a 5-year plan with specific numbers every quarter until complete. It goes across all levels. If you fall in this bucket you are on the list sooner or later along with other people who were in an unfortunate position with bad managers. It's a pure numbers game. Hiring has to keep up with the outflow but cannot compensate with knowledge loss.
If anyone believes the layoffs will stop they are being very naive. Ongoing layoffs have been the new norm at ADP for several years now. It's very obvious with the VERP and the layoffs over the last few years they are targeting long term employees who are highly paid and part of the pension plan. All a part of their cost savings strategy and nothing else. Of course they are hiring like crazy to replace the layed off workers but those hires are all younger people mostly just out of college and they are paying very low starting wages with no pension plan since that was stopped for all new hires are few years back.
The leadership that makes these layoff decisions can tout their cost savings, line their own pockets, and peace out , all without suffering the long term consequences that the rest of us will have to bear. They can retire or boast to a new company about their financial savings (even if it blows up on our end).
It’s very strange with them doing hiring bonuses and asking for referrals, but not putting enough investment to remain competitive in benefits to get new hires to join.
ADP continues to purge highly paid, most experienced and most valuable employees because this company wants to save on labor costs. It does not want to nurture or develop a quality workforce, just cut out people. This is a very strange plan which undercuts ADP's knowledge base and saves money in the short run but hurts the company in the long run.
Eliminating bottom feeders? Umm... NO.
You hope this is the end? You hate the place and complain about it ad nauseam.
ADP will continue to purge the bottom feeders with a stronger workforce.
The VERP offering was a boon for the ones offered but significantly impacted the company’s heart. The remaining tenured associates immediately turned into disgruntled, go through the motion deadbeats.
I heard also in GPT. Sad
Where are you hearing they are laying off? What BU? What department?